Promoting Crypto Trading

A South Korean lawmaker has reportedly introduced a bill to promote cryptocurrency trading and the development of crypto exchanges. In addition to requirements such as capital, manpower, and internal systems, the bill proposes establishing a committee to promote and support crypto trading.

Korean lawmaker Kim Sun-dong, a member of the National Assembly’s Political Committee, announced last week that he has initiated the Digital Asset Trading Promotion Act, local media reported. Seoul Finance elaborated:

Kim emphasized the need for a law dedicated to promoting crypto businesses to avoid companies leaving Korea, citing Bithumb as an example. He pointed out that even though crypto transactions in Korea accounted for a large percentage of the domestic stock market transactions at the beginning of this year, one of the largest crypto exchanges, Bithumb, was recently sold to a Singapore-based consortium.

He also noted that Japan has already completed legislative procedures to institutionalize crypto transactions and the U.S. has allowed the trading of cryptocurrency derivatives.

The bill first defines “virtual content with an apparent value such as online money, points, game items and virtual currencies as digital assets,” the publication detailed. It also defines the operators dealing with them as digital asset trading companies. The news outlet added:

If an exchange is hacked and its customers suffer losses of crypto assets, the bill submits that the exchange must assume the liability for damage to the traders.

The publication added that some examples of industry promotion mentioned in the bill include the establishment of a digital asset trading committee, the promotion of research and development projects, financial support, professional training, and tax reduction. According to Metro Seoul newspaper, the committee will be tasked with resolving issues requested by the FSC such as setting standards and policies relating to crypto assets, as well as coordinating between relevant administrative agencies.

Kim was further quoted as saying:

Related posts:

Data science blogs. O CEO da Neuromath, Deividi Pansera, disponibilizou uma curadoria com mais de 250 blogs focados em Data Science. Aproveitem..

GraphQL is an API specification that standardizes how clients request data from servers, It is rapidly becoming a popular way to specify the data that backend services should provide to front end…

Perkenalkan nama saya Alam. Saya adalah mahasiswa semester 5 jurusan Teknik Informatika. Selama hampir 2 tahun saya belajar di bangku pendidikan tinggi saya sama sekali belum menemukan jawaban dari…